Jamie Dimon Calls Bitcoin A 'Fraud'

[BobK71]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

[bn88]

Everyone has their own point. Bitcoin was made base on the POW system. So time will improve to us and Jamie Dimon that he's totally wrong about Bitcoin .

[laurenB7742]

It's quite simple really. Bitcoin is against hist interests. Investment money is going to bitcoin and bitcoin is cutting his part of the cake. He knows he is influential man so he took advantage of this and caused a little dip in bitcoin price. People are selling bitcoins for the last two days and he hopes some od this money will be invested to J.P.Morgan.

[Mometaskers]

Of course he don't like it. What can be more horrible for the banking system and government both than people using a currency neither of them can manipulate. Sure, most people now get into bitcoins because of the value against fiat but the main objective for bitcoin is for people to be able to transact and save money with minimal gov't interference.

I wouldn't be surprised if banker are also buying bitcoins during dips.

[BigBoy89]

All those banker are calling something 'A Fraud' or 'A Legitimate' product driven only by one reason - MONEY.
And he's not right about the governments. Is Japan you could do a lot with BTC. In Switzerland you could even legally pay your taxes in some cantons with BTC.

[Hydrogen]

There are a lot of people with economic and financial backgrounds coming out in the media claiming "bitcoin is a bubble, bitcoin is priced twice what it should be, the real price of bitcoin should be $2,700, bitcoin is a ponzi scheme" and making similar remarks. James Dimon is far from being the only one.

The timing of these announcements which correlate to china's recent announcement and the overreaction with a sell off is very interesting.

As far as I know, precious metals can't be eliminated without devaluing gold and reducing the effectiveness of gold holdings traditionally used to back issued fiat.

[batang_bitcoin]

This guy does really want to ruin bitcoin and it is his tough competitor so he wants to say that bitcoin is fraud so he's followers will not try to add some demand and value to bitcoin. Did you ever watched guys the video of John McAfee answering Dimon's statement about "bitcoin a fraud"? McAfee is really a nice guy listen to his answers.
Link: https://www.cnbc.com/2017/09/13/john-mcafee-challenges-jamie-dimon-bitcoin-skepticism.html

[CoinsCoinsEverywhere]

Yeah, Dimon is probably playing his own games.  A few years ago, bitcoin at least seemed (to me anyway) to be more of a threat to the global currency order.  But as time has gone on and bitcoin has become more pervasive, a lot of problems have cropped up that I think are going to inhibit its growth in the future (not necessarily it's price, but how much it's used)...things like its use in fraud, black market transactions, slow transaction times, etc.  Solutions are being worked on for some of these things, but without more controls and protections, which go against the nature of what bitcoin is supposed to be about, not enough people will trust and adopt it to make it a reserve global currency.

[BitFinnese]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

I believe he shorted his Bitcoin trade and releases the statement to accumulate Bitcoin in way cheaper price.  Known people have lots of contact.  Probably he have known what Chinese government is brewing before he announced that statement.  Probably he knows that the announcement will make Bitcoin plummet and to add more on that he releases his own version of Bitcoin FUD.  Then voila!  Bitcoin price plummet.

[princesocapuyo]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

Never take off? Haha he is scared. Banks are in the denial stage and are just trying to scare people but its too late the damage has already been done, or should I say the healing?

[Paecga129]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

I believe he shorted his Bitcoin trade and releases the statement to accumulate Bitcoin in way cheaper price.  Known people have lots of contact.  Probably he have known what Chinese government is brewing before he announced that statement.  Probably he knows that the announcement will make Bitcoin plummet and to add more on that he releases his own version of Bitcoin FUD.  Then voila!  Bitcoin price plummet.

That's exactly correct. These guys in powerful positions use their influence in the world to influence the price. It's scandalous, but hopefully they don't actually invest in BTC, just other cryptos that will eventually fail as they're centralized.

[Jake052478]

Well that is because he is a banker.... No doubt that he was threatened by the fact that Bitcoins or cryptocurrencies were being embraced by the people.  Besides, bitcoins do not have boundaries. It can be used by all nationalities and no doubt about that... So he is just protecting his investment....

[kimochidesh]

Another propaganda from JP Morgan's officials to pull back bitcoin price, but this time no price fall in Bitcoin market. Their strategy is to release a negative statement and buy more on Dips. So stay calm...and keep investing.

[QlooQl]

Goldman Sachs employees almost always say the exact opposite of what they do. Look the 2008 financial crisis in the US. The bank was literally selling bundles of bad mortgages AND betting against them simultaneously. The sell side was praising the AAA, AA, and A tranches of different financial assets meanwhile the short side of their trading arm was short-selling those very same products hand over fist. You can bet that while Mr. Dimon says these things there are "dark pools" in GS that are buying crypto like no tomorrow. They will build a huge bubble and create the pop themselves then short all the way down.

[eagleman]

Another propaganda from JP Morgan's officials to pull back bitcoin price, but this time no price fall in Bitcoin market. Their strategy is to release a negative statement and buy more on Dips. So stay calm...and keep investing.

I knew it, he has something for bitcoin and why not he just show his desire to get some more bitcoin that will get the attention of other investors too. Since he's a banking figure there will be people who are following him that will do the same thing and that will be a win-win situation to him because after buying the price will be increasing after his action and words that has been spoken to the public.

[Hydrogen]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

Is fiat losing monetary power is relevent to a state?

Governments do everything in their power to raise deficits higher. This reduces confidence & kills monetary power. A governments existence in the modern era is typically defined by spending as inefficiently and wastefully as possible. This also kills monetary power. Judging by actions governments universally support raising deficits and spending tax revenues as wastefully as possible, with their end goal seemingly being to lose monetary power and destroy the value of their own wealth.

After more than 50 years of the united states federal government supporting policies which ensure loss of their own monetary power, one might be certain they will support bitcoin as it seamlessly meshes in perfect lockstep with everything else they've done for the past century.

[BobK71]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

Is fiat losing monetary power is relevent to a state?

Governments do everything in their power to raise deficits higher. This reduces confidence & kills monetary power. A governments existence in the modern era is typically defined by spending as inefficiently and wastefully as possible. This also kills monetary power. Judging by actions governments universally support raising deficits and spending tax revenues as wastefully as possible, with their end goal seemingly being to lose monetary power and destroy the value of their own wealth.

After more than 50 years of the united states federal government supporting policies which ensure loss of their own monetary power, one might be certain they will support bitcoin as it seamlessly meshes in perfect lockstep with everything else they've done for the past century.

Issuing money and debt is how the top politicians and bankers get their power and wealth.  You are right that this has the side effect of reducing trust in their money, everything else being equal.  But I think this is just a necessary evil, from their point of view.

The imperial elites also have many tools at their disposal to counter this side effect.  One of the most important is having governments around the world help support the dollar, and using the US dominance in the global military and mass media spheres to intimidate leaders into obedience via threat of 'regime change.'

[defc0de]

He is the fraud. Look at how many penalties are imposed on JP Morgan's History in the financial sector. Creating FUD and buying the dips from it to gain millions in a single trade is a complete market abuse and fraud. It's so obvious that the elites wanted to control crypto

[Xester]

No one will believe in him right now.  After his malicious announcement that bitcoin is a fraud.  Then you will read that he bought a huge amount of bitcoin.  It was all his strategy to have some good amoubt of bitcoin.  It is his way for its price to go down and invest.  Rich people are like that.  They are good in manipulation.

[player514]

No one will believe in him right now.  After his malicious announcement that bitcoin is a fraud.  Then you will read that he bought a huge amount of bitcoin.  It was all his strategy to have some good amoubt of bitcoin.  It is his way for its price to go down and invest.  Rich people are like that.  They are good in manipulation.

Why has this been bumped up again? This was a while ago. I agree with the method that you stated; I definitely think he was buying the dip that he created himself. However, it could have also been him testing the power he had over Bitcoin as well.